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Have a burning question about the mining industry, the future of tech in mining, or the right bourbon to pair with a NY strip? We're putting On the Rocks host and Prospector CEO, Emily King, in the hot seat! And this time, YOU get the be the hosts! Submit your questions today and tune in May 23 to see if Emily can take the heat.
The Prospector Team In The Field
Our Head of Data, Alessandra Morante, M.Sc., FMVA , recently attended the Trade and Investment Queensland breakfast, organized in conjunction with the visit of Viky Forrest, the Commissioner for the Americas, to Peru. The primary objective was to promote the METS of Queensland and identify potential synergies and investment opportunities within the region. Thank you Alessandra for representing Prospector and sharing your insights from the event!
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?? In The News
Anglo American Rejects ￡31bn Takeover Offer From Mining Rival BHP
Anglo American, a prominent London-listed mining company, has rejected a ￡31 billion takeover offer from Australian rival BHP, deeming it "highly unattractive" and "opportunistic." The proposed all-share offer, which had the potential to be one of the largest deals in the mining sector, was criticized by Anglo's shareholders as too low and structured unfavorably. Despite BHP's bid and Anglo's recent struggles with copper production forecasts, including difficulties in Peru and Chile, Anglo's board unanimously rejected the offer, signaling its confidence in the company's future prospects. If successful, the takeover would impact London's financial market, potentially leading to further departures of listed companies to other exchanges.
Five Eyes Countries Working To Fight Critical Minerals Dumping, Canada Minister Says
Canada's Finance Minister Chrystia Freeland announced that Canada and its Five Eyes Alliance partners are collaborating to address the issue of price manipulation of critical metals, such as nickel and rare earth minerals. The alliance, consisting of the U.S., Britain, Canada, Australia, and New Zealand, discussed strategies to "friendshore" their critical minerals supply chain to counteract the dumping of these minerals by major producing countries like China and Indonesia. Freeland emphasized the importance of economic security as part of national security and highlighted Canada's efforts to encourage investments in critical metals and electric vehicle supply chains through initiatives like investment tax credits.
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‘Aussie Kryptonite’ Helps Identify Mineral Deposits
CSIRO researchers are investigating the properties of plumbian orthoclase, a rare green mineral found exclusively near Broken Hill, Australia. This mineral, dubbed "the Aussie kryptonite," due to its lead-rich composition, serves as an indicator for locating ore deposits like lead, silver, and zinc. Although physically non-glowing, plumbian orthoclase is mildly radioactive, aiding geologists in identifying mineral-rich areas. With Broken Hill's mining history dating back to 1883, this unique mineral contributes to ongoing mining advancements in the region.
China’s King-Of-The-Hill Status Shaky As Offshore Exploration Diversifies Rare Earth Supply Chain
As more countries, including Australia, the United States, and Myanmar, uncover rare earth mineral deposits, China's position as the top global exporter faces challenges. The increased exploration offshore is diversifying the market, reducing reliance on China. Despite China's historical dominance, its share of global rare earth exports has declined from around 90 percent a decade ago to approximately 70 percent in 2022. This shift in supply patterns is attributed to growing global demand for rare earth minerals, essential for various tech products like hybrid vehicles and smartphones. While China maintains expertise and mineral resources, concerns about environmental degradation and stricter regulations may influence the market's future landscape.
Miners Struggle To Finance Projects Amid Surging Battery Demand — IEA
The International Energy Agency (IEA) predicts electric car sales to reach approximately 17 million in 2024, constituting over one-fifth of global car sales. However, challenges arise for mineral producers crucial for EVs, facing difficulty in financing projects solely from revenue. The IEA highlights the need for external support for large-scale capital expenditure in mining projects, as evidenced by recent spending reductions and job cuts by miners like Albemarle and Core Lithium. Concerns persist regarding EV industry growth due to tight profit margins, fluctuating battery metal prices, and high inflation. Despite challenges, global EV sales continue to show strength, with notable increases in demand for battery metals like lithium, cobalt, and nickel. To meet future demand, mining and refining must grow rapidly to avoid supply chain bottlenecks, with potential mitigation from innovative technologies like sodium-ion batteries and mature battery chemistries requiring fewer critical metals.
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